Core Viewpoint - The primary concern in the capital market is the presence of hidden risks ("雷"), and the goal for the "十五五" period is to eliminate these risks through stringent legal measures [1][3]. Group 1: Consumption Expansion - The first path to address consumption expansion is to increase income levels, which fundamentally relies on job creation through the development of both private and state-owned economies [2]. - The second path involves effectively protecting and appreciating existing wealth, particularly as real estate prices decline, which significantly impacts consumer spending since it constitutes 60% of household wealth [2]. - The third path is to improve the social security system, as residents' concerns about future uncertainties suppress current consumption; reallocating fiscal resources towards social welfare is recommended [2][3]. Group 2: Capital Market Reform - The goal for the capital market during the "十五五" period is to ensure there are no hidden risks, which requires the implementation of the strictest legal deterrents against fraud [1][3]. - Proposed legal reforms include amending criminal laws to impose severe penalties on fraudsters and establishing a civil compensation mechanism based on group litigation to ensure significant financial repercussions for offenders [3]. - Emphasizing the importance of optimizing consumption scenarios, the increasing number of high-net-worth individuals necessitates tailored consumption environments, as consumption upgrades are seen as vital for economic growth [3]. Group 3: Investment Strategy - Investment should focus more on industrial upgrades and iterations, with a recommendation to allocate more investments to social capital, which is better positioned to identify excesses and future directions [3]. - The transition from scarcity to surplus in the Chinese economy requires systemic reforms to establish a new dynamic balance, ensuring long-term and healthy economic growth [3].